Cyprus Inflation April 2022

Cyprus

Cyprus: Inflation comes in at highest level since our records began in April

May 18, 2022

Consumer prices increased 2.39% in April over the previous month, accelerating from the 1.83% rise seen in March. April's uptick marked the highest reading since March 1997. Looking at the details of the release, housing and utilities as well as transport costs were the main drivers behind the increase in consumer prices.

Inflation came in at 8.8% in April, which was up from March’s 7.1%. April's figure represented the highest inflation rate since our current records began. Annual average inflation rose to 5.0% in April (March: 4.4%). Finally, harmonized inflation rose to 8.6% in April, from March’s 6.2%.

FocusEconomics panelists see harmonized inflation averaging 5.0% in 2022, which is up 0.2 percentage points from last month’s forecast, and 2.0% in 2023.


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Cyprus Inflation April 2022 1

Note: Year-on-year and month-on-month variation of consumer price index in %.
Source: Statistical Service of Cyprus.


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